by The Economic Times & India Times, September 5th, 2010.
Whistleblowers have always helped regulatory authorities or company managements in unwinding fraud and corruption cases. A historical analysis shows that most of the frauds, which came up to the fore were due to whistleblowers.
However, whistle blowers have hardly been rewarded. Instead they have always faced the brunt, like the cases of National Highways Authority of India (NHAI) engineer, Satyendra Dubey and IOC sales manager Manjunath Shanmugham, who were murdered after they raised the curtain from corrupt practicse in their respective work areas.
It’s now time to start recognising and rewarding the whistleblowers and also provide them protection. One such step was taken by the US on July 21, 2010, in the Dodd-Frank Act, which contains whistleblower provisions. This provision may drastically increase the enforcement litigation cases against public companies for alleged violations of securities and commodities laws and the Foreign Corrupt Practices Act (FCPA). (continue reading… )
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